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Gold/Mining/Energy : ATNA ( v.atn t.atn) -- Ignore unavailable to you. Want to Upgrade?

To: Steven Fischer who wrote (274)	6/11/1998 12:10:00 PM
From: phoenix_investor	Read Replies (1) \| Respond to of 509

Alaska massive sulphide claims option - $US 400,000 program planned Atna options Alaskan base metal project from Rubicon Rubicon Minerals Corp RMX Shares issued 10177630 1998-06-08 close $0.6 Thursday Jun 11 1998 Also Atna Resources Ltd (ATN) Mr. J. Garfield MacVeigh and Mr. Peter DeLancey report Atna Resources and Rubicon Minerals have executed a letter agreement whereby Atna has an option to earn a 50 per cent interest in Rubicon's 99-year mining lease agreement on the 340 claim Palmer property. In order to exercise its option, Atna must spend a total of $2,000,000 (U.S.) on the property on or before Oct. 10, 2001 and has a firm commitment to spend $400,000 (U.S.) on or before Oct. 10, 1998. During the option period, Rubicon will be responsible for maintaining the underlying lease agreement by paying applicable advanced royalty payments, BLM claim fees and by issuing shares of Rubicon to the underlying owners. Atna will be operator and has appointed Rubicon to manage project exploration for the years one and two of the option. Once Atna has earned its 50 per cent interest, a joint venture will be formed (Atna 50 per cent/Rubicon 50 per cent) with subsequent project expenditures shared according to each party's respective interest. Atna will have the right to be operator during the joint venture. The Palmer project is in elephant country within rocks that are the same age as the Greens Creek (greater than 20 mt) and Windy Craggy greater than 250 mt) deposits. The project is remarkably accessible and close to tidewater. The Haines highway passes within two miles and active logging roads access the eastern part of the property. Both Atna and Rubicon are recognized in the mining industry for their skills in massive sulphide exploration. The respective presidents, Peter DeLancey and Garfield MacVeigh, agree that this is the most significant under-explored property they have seen in their many years exploring for and discovering metal deposits. The companies believe that the documented showings on the property attest to the presence of a large, extensive mineralizing system that has the potential to host multiple, large, rich deposits. Over 25 high-grade base metal and/or barite showings occur on the property over a trend of 5.7 miles. Significant results from past work on the property are as follows: Zn Cu Au Ag Showing Interval % % oz/t oz/t Little 15 ft. Jarvis* chip 13.0 7.0 0.02 7.0 Main zone* 20 ft. chip 8.0 1.4 0.03 9.5 MHC Boulder 6 ft. chip 33.0 2.5 nil 1.6 MHC 26 boul- ders (avg.) 19.3 1.0 -0.01 1.1 HG** 2.5 ft. chip 9.5 0.4 0.03 1.9 Boundary* Grab -0.1 6.5 0.06 0.4 Cap*** 43 ft. channel 0.3 -0.1 0.01 8.0 * Kennecott U.S. Bureau of Mines * Newmont Despite the presence of high-grade showings and spectacular mineralized boulders, previous exploration on the project has been limited and sporadic. A $400,000 (U.S.) budgeted program including mapping, sampling, ground geophysics and diamond drilling will commence in July. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)